Standard Chartered sues S.Africa’s Land Bank to recover debt

FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

JOHANNESBURG (Reuters) – Standard Chartered is suing South Africa’s Land Bank to recover some of its debt, Land Bank said on Tuesday, after the state-owned agricultural lender defaulted on 50 billion rand ($2.97 billion) worth of debt in April.

“On 18 August 2020, Standard Chartered Bank served an application out of court on the Land Bank to recover certain debt from the Land Bank,” it said, adding it would oppose the application.

Standard Chartered did not immediately respond to a request for comment.

($1 = 16.8250 rand)

Reporting by Emma Rumney; Editing by Tim Cocks

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